Vicat Group said it has acquired a 60 pct stake in a company which is developing a cement factory in Mynaral, Kazakhstan. The remainder of the company will be retained by Kazakh investment fund Kazkommerts Invest, which initiated the project, it said. The value of the deal was not disclosed.
A turnkey contract has been signed with Chinese contractor China Triumph Engineering International for construction of the cement plant with an annual cement production capacity of 1.1Mta. Construction has begun and production is scheduled to start in 2010, Vicat said. The project has advantages, particularly in terms of its location and implementation.